JLL Capital Markets has closed the $6.2 million sale of a 25,000-square-foot industrial warehouse and manufacturing facility built to suit for and double net leased to Flowserve in the northeastern Kentucky community of Grayson.
JLL worked on behalf of the seller, Investment & Development Ventures, LLC. A high-net-worth private capital buyer out of West Palm Beach, Florida, purchased the asset in a 1031 exchange.
Constructed in 2020, the building is fully leased to Flowserve Corporation, which produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. The facility is highly customized and a mission critical part of the tenant’s operation.
The state-of-the-art building features compressed air loops and drops throughout the entire facility, four overheard cranes, four jib cranes, ELO fire suppression that allows the tenant to store product up to 20 feet with capacity for expansion.
Situated on 2.9 acres along E. Park Drive in Argillite, the building is located in EastPark, a 1,000-acre, multi-use business park located along Interstate-64 close to the intersection of Kentucky, Ohio and West Virginia, which provides exceptional regional access.
The JLL Capital Markets team representing the seller was led by Managing Directors Alex Sharrin and Trent Agnew; Senior Managing Director Brian Shanfeld; Senior Director Jason DeWitt; and Director Alex Geanakos.